Australia-based metal resources company IGO is likely to exceed its guidance for the year ending June 2020 with a production ramp-up in Jan-March 2020 (Q3).
The company has announced it would be investing up to AUD27mn in New Century resources for up to 18.4pc interest. The focus will be on metals critical to clean energy renewables, grid-scale energy storage and electrification of transport.
Lower operational cash flow from Nova and Tropicana mines was offset by a decline in exploration expenses.
IGO reported 23,255mt of nickel production till March 2020 against yearly guidance of 20,250- 22,560mt. Copper production crossed the 8,250-9,375mt guidance reaching 10,562mt.
IGO carried out active drilling campaign over various targets proximal to Nova mines in Western Australia. The company said that drilling at Western Eye, Orion and Hunter was successful with prospects of mafic/ultramafic intrusions. The company said that subject to COVID-19 conditions it will continue drilling activities in the April-June 2020 quarter.
Production metal in concentrate
| Mt | Jan- March 2020 | Jan- March 2019 | % Change Y-o-Y | Oct- Dec 2019 | % Change Q-o-Q |
| Nickel | 8,019 | 7,574 | 5.87 | 7,513 | 7pc |
| Copper | 3,784 | 3482 | 8.67 | 3,289 | 15pc |
| Cobalt | 303 | 271 | 11.80 | 279 | 9pc |